When names like this take positions, it's often because they recognize a rare opportunity: a fully permitted, near-term gold production asset in a market where such projects are becoming increasingly scarce.
The bigger narrative here is simple: domestic hard assets are back in focus. Between macro uncertainty and supply chain security themes, U.S.-based gold and copper production is getting more attention.
U.S. Gold Corp. (NASDAQ: USAU) is a publicly traded, U.S.-focused gold and copper exploration and development company.
Its fully permitted CK Gold Project is located in Southeast Wyoming and has a Preliminary Feasibility Study technical report, which was completed by Samuel Engineering Inc.
In addition, the Company has two exploration projects: Keystone Gold located on the Cortez Trend in Nevada about 11 miles south of Nevada Gold Mines' Cortez Hills Complex, and Challis Gold located in Idaho.
The CK Gold Project is an advanced-stage gold and copper exploration and development project that is located in the Silver Crown mining district of Wyoming, it's situated about 20 miles west of Cheyenne. The project's aim is to extract both gold and copper.
This is no pipedream. This project is one of the few permitted and shovel-ready gold and copper endeavors in North America, allowing for a streamlined path to production!
The CK Gold project is expected to produce over 100,000 ounces of gold-equivalent per year, backed by 1.67 million AuEq ounces in proven and probable reserves. With NPVs projected as high as $952 million and IRRs exceeding 60%, this is the kind of project that turns modest market caps into billion-dollar titans. Add to that a soaring gold price over $4,000/oz, and USAU’s economics look parabolic.
Over 5-years of intensive work:
Over $28 million of direct investment to the CK Gold Project studies and information gathering to date (excluding USAU salaries):
Includes Early Contractor Involvement (ECI) cost estimates
Headline Economic Performance (sensitivity to gold price)
| AuEq Reserve | After Tax NPV(5) | Mine Life | Process Rate | AuEq oz/year | AISC (AuEq/oz) | Initial Capex | Sust. Capex |
|---|---|---|---|---|---|---|---|
| 1.598M | $632M | 11-yr | 20 Ktpd | 85,000 | $1,785 | $394M | $35M |
Based on an initial contained metal proven and probable reserve of 1.02M ounces of gold, 260M pounds of copper and 3M ounces of silver. "Refer to reserves table in the Appendix".
| Gold Price U.S. $/oz | Pre-tax | After Tax | Payback (years) | NPV($millions) | IRR | NPV($millions) | IRR |
|---|---|---|---|---|---|
| 6,000 | 2,151 | 65.00% | 1,774 | 57.50% | 1.1 |
| 5,500 | 1,898 | 59.40% | 1,569 | 52.50% | 1.3 |
| 5,000 | 1,645 | 53.50% | 1,363 | 47.40% | 1.4 |
| 4,500 | 1,392 | 47.40% | 1,155 | 42.00% | 1.6 |
| 4,000 | 1,139 | 41.00% | 946 | 36.30% | 1.8 |
| 3,500 | 886 | 34.30% | 737 | 30.20% | 2.2 |
| 3,250 (Base Case) | 759 | 30.70% | 632 | 27.00% | 2.5 |
| 3,000 | 633 | 27.10% | 528 | 23.80% | 2.9 |
| 2,500 | 380 | 19.20% | 320 | 16.80% | 3.8 |
| 2,000 | 127 | 10.20% | 98 | 8.50% | 5.6 |
| 1,500 | -126 | 0.00% | -147 | 0.00% | 15.8 |
*Source: SK-1300 Technical Report Pre-Feasibility Study on the CK Gold Project. Figures shown for illustrative purposes from the February/March 2026 study.
U.S. Gold Corp.’s wholly owned subsidiary, Gold King Corp., has entered into an agreement to acquire a 10-acre parcel of land in support of the planned 2026 development of the CK Gold Project in southeast Wyoming.
The completion of this acquisition will mark the fourth key real estate property the Company has purchased over the past four years in connection with the CK Gold Project.
Gold King Corp. has signed an agreement to acquire a 10-acre parcel in the North Range Business Park on the western edge of Cheyenne, Wyoming, with direct access to Interstates 80 and 25. This transaction is expected to close no later than January 31, 2026. This strategically positioned site will initially function as a centralized muster point for employees and contractors, enabling consolidated parking and shuttle bus transportation to the mine site—demonstrating U.S. Gold's proactive commitment to reducing traffic congestion on local roads. In future phases, the property is planned to support select administrative and operational functions for the mine.
The already completed acquisitions include three contiguous parcels totaling approximately 110 acres located immediately west of the CK Gold Project site on State Section 36, where Gold King Corp. holds mineral leases. Two of the parcels are undeveloped, while the third includes an existing residence. These properties establish a buffer zone, enhancing operational flexibility and minimizing potential impacts on neighboring ranchette communities further west.
Mr. Bee has more than 30-years of experience operating and developing world-class mines and projects, including an eight-year tour with Barrick in Latin America during his 16-year service with the company.
Having been part of the team that developed Goldstrike in phases between 1988 and 1995, he left Goldstrike as Mine Manager. Between 1998 and 2007, he returned to Barrick to complete the construction of the Pierina mine, and continued as Operations Manager until being reassigned to Chile and Argentina.
As General Manager, he formed and led the team responsible for the successful development of the Veladero mine in 2005. After leaving Barrick, he became President and CEO of Andina Minerals, before moving on to become CEO at Jaguar Mining.
USAU has a proven team. This is a top-quality management and advisory team with pedigrees of developing renowned gold projects. USAU’s team has renowned explorers and proven company builders, who have made and financed the discovery and development of numerous world-class gold assets.
Roth MKM analyst Joseph Reagor maintains a Buy rating on US Gold Corp, raising the price target from $20 to $26. Reagor cited the company’s progress at CK Gold and favorable metal price trends as reasons for optimism.
H.C. Wainwright maintains a Buy rating on U.S. Gold Corp (USAU) and recently raised its price target to $27.50.
USAU has also received a BULLIsh price target from Paradigm Capital for $16.50.
Notable Canadian resource sector investor, Eric Sprott, Terra Capital Natural Resources Fund (Australia), and others that are holding long positions in the gold mining sector, have joined USAU’s long-term investors!
A self-proclaimed gold bull, Eric Sprott is a multi-billionaire that holds a significant portion of his assets in gold and silver. He is renowned for his expertise in precious metals, particularly gold, and he sees the potential of USAU!
Mr. Luke Norman, Chairman of the board of directors of U.S. Gold said, "We are gratified by the continued support from our long-standing investors along with the addition of some key resource sector investors who acknowledge the CK Gold Project opportunity. At a time when there are very few permitted projects in the pipeline ready to meet the growing demand for gold and copper production, we believe the importance of what the U.S. Gold team has accomplished is finally becoming recognized. Continued validation of our efforts, by way of investment from the caliber of investors such as Eric Sprott, Terra Capital, Phoenix Gold and all the other investors, should help to continue to increase our exposure internationally and domestically as we move this exciting project forward and continue to create value for our shareholders.”
US Gold Corp (NASDAQ:USAU), one of the top-performing micro-cap stocks of 2025, closed a private placement on December 23, generating approximately $31.2 million in gross proceeds. The offering included 1,922,159 shares of common stock at $16.25 each, along with warrants for 961,077 additional shares at a $23 exercise price. The warrants are exercisable immediately and remain valid for two years.
The placement price represented a roughly 4% discount to the stock’s December 15 closing price of $16.91, a 1.4% premium over its 30-day average of $16.03, and a 1.1% discount to its 20-day average of $16.43.
Notable new investors included Franklin Templeton Investments, Mackenzie Investments, and Libra Advisors, reflecting strong institutional support for the company’s growth plans. Proceeds will primarily fund development at US Gold’s flagship CK Gold Project in Wyoming, with additional allocations for land acquisition, exploration expansion, and general working capital.
As a hedge against volatility, gold exploration companies provide a way for investors to gain access to the gold market without investing directly in physical gold. The metal hit a record high in 2025 of over 3,500 an oz and a record high of over $5,500 this year!
A VanEck report highlighted that gold prices directly influence the performance of gold stocks, underscoring the correlation between the two:
"Gold stocks are supposed to outperform the metal when gold’s price rises. Their leverage to gold justifies outperformance. For any given move in the price of gold, the operating cash flow generated by these companies increases (or decreases) by a much greater percentage. Take Alamos (8.06% of Fund net assets), for example. The company estimates that a 5% increase in the price of gold (about a+$100/oz move), would translate into an increase of almost 30% in their free cash flow in 2024. "
The VanEck report noted a recent disconnect between gold prices and gold stocks in the past two years, primarily due to central bank buying and other temporary factors.
Priority Target Areas:
Cortez Complex Comparison to Keystone:
Copper is quickly becoming one of the most vital commodities of the 21st century.
As demand accelerates—driven by the global energy transition, infrastructure modernization, and growing electrification—analysts project copper usage will double by 2030 and surge even further by 2050. Yet, the U.S. faces a looming supply crunch, raising alarms about economic resilience and national security.
In response, President Trump recently signed an executive order recently imposing a 50% tariff on certain imported products made with copper—signaling a major push to boost domestic production of this critical metal. The move underscores copper’s growing strategic importance, particularly as it powers everything from electric vehicles to data centers to defense technologies.
This is just one reason why U.S. Gold Corp. (NASDAQ: USAU) could stand out.
As tariffs tilt the playing field in favor of domestic producers, and policymakers increasingly prioritize supply chain security, U.S. Gold Corp. could emerge as a key player in America's critical mineral future.
With a strategically located and permitted project ready to deliver copper and gold, USAU may be uniquely positioned to benefit from the copper supercycle now underway!
Prefeasibility Study Highlights of Ck Gold also include a staggering copper amount. Why is this a big deal? Because copper will be a big part of the clean revolution.
Besides clean energy technologies, several industries including construction, infrastructure, and defense use copper for its unique properties. The metal is critical in many fast-growing clean industries from the electric grid and electric vehicles to renewable technologies.
Copper is essential in electrical wiring and transportation and is playing an increasingly large role in alternative energy, as it is a crucial component in wind turbines, solar panels, and electric vehicles, which require four times as much copper as conventional gas vehicles!
Some of the world's largest mining companies and metal traders are warning that by 2025, a massive shortfall will emerge for copper, which is now the world's most critical metal due to its essential role in the green economy.
The deficit will be so large that The Financial Post stated that it could itself hold back global growth, stoke inflation by raising manufacturing costs and throw global climate goals off course.
The copper supply issue is scary. There may not be enough copper to go around for the millions of electric vehicles (EVs) expected to hit the roads, or to fuel wind turbines and solar power.
In fact, wind and solar energy use more copper than conventional forms of energy, such as coal, natural gas, and nuclear power plants. Conventional power plants require about one ton of copper to produced one megawatt of electricity, whereas wind and solar can require between three to five tons per megawatt!
To make matters worse, these numbers only reflect the amount of copper needed to build wind turbines or solar panels, and do not factor in the additional copper needed to transport the electricity generated from wind and solar facilities to the population centers that consume the electricity.
U.S. Gold Corp. (NASDAQ: USAU) just took another massive step toward unlocking the full value of its billion-dollar CK Gold Project in southeast Wyoming. In a strategic, high-stakes move, the Company has officially awarded the next phase of development to engineering powerhouses Micon International and Halyard Inc.—two of the most respected names in mining project execution globally.
This isn’t some routine update. This is the green light on feasibility study work—the final stretch before construction. And it’s all happening fast. Micon-Halyard will now push forward site-specific process designs and produce an AACE Class 3 cost estimate that will lay the foundation for execution.
The feasibility study is targeted for completion by the end of 2025, and the Company is laser-focused on delivering on time, on budget, and with maximum investor upside.
Translation? USAU is locking in timelines, budgets, and strategies to deliver real, near-term production—not dreams.
With Micon-Halyard on board—an elite firm that has delivered over 760 projects and 1,260 technical reports globally— USAU is assembling a dream team of execution to fast-track the CK Gold Project to production.
This is the kind of aggressive, no-nonsense advancement the market rewards—and the majors watch closely.
USAU isn’t being priced like a finished story yet—but it is starting to look like one of those setups where the market slowly wakes up to what’s already been built in the background.
As the Government accelerates its push for domestic dominance in critical minerals, this fully permitted gold-copper player is already 10 steps ahead of the pack.
With a 100% stake in three high-grade U.S. projects—Wyoming, Nevada, and Idaho— USAU has what every mining giant desperately wants: shovel-ready assets in mining-friendly American soil.
The CK Gold Project is not just another hopeful story—it’s permitted, backed by a monster prefeasibility study, and ready to move.
Combine that with the company’s undervalued share price, a top-tier leadership team led by a former Barrick Gold legend, and wall-to-wall bullish analyst targets up to $27.50… and you’ve got a time-sensitive opportunity with nuclear upside potential.
Gold has already surged past $5,500/oz in 2026—currently sits at over $4,000/oz--and the smart money knows that the real upside isn’t physical gold... it's in the developers and explorers about to enter full-scale production. That’s where the windfall lives—and USAU is going after it.
USAU is in full-speed and is an execution-phase gold-copper developer, backed by billionaires, blessed by federal policy, and now being engineered to reality by two of the best firms in the industry.
This isn’t just another copper or gold story!
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